In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 2021- Mitsubishi Tanabe Pharma America, Inc. announced that EXSERVAN, which is the first oral film formulation of riluzole is now available in the United States to treat amyotrophic lateral sclerosis (ALS).
November 2019- Aquestive Therapeutics granted a development and commercialization license to Zambon Pharma for its investigational oral formulation of riluzole as a treatment for ALS in the European Union.
The global motor neuron disease treatment market is estimated to garner a sizeable revenue and grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing incidences of chronic diseases around the globe, and growing levels of awareness about motor neuron diseases. The global average incidence rate of amyotrophic lateral sclerosis (ALS), which is a motor neuron disorder, is about 1 in 50,000 people per year, i.e., approximately 5,500 to 6,500 new diagnoses every year. Along with these, rising technological advancements in medical science, especially in developed and developing nations is also expected to drive market growth in the forthcoming years. Furthermore, continued environmental exposure to toxins in workplace and home, and high consumption of narcotic substances are also crucial factors that trigger motor neuron diseases in people. This in turn is projected to offer ample growth opportunities in the near future.
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The market is segmented by end user into multidisciplinary clinics, hospitals, social work facilities, and others, out of which, the hospitals segment is anticipated to hold the largest share in the global motor neuron disease treatment market. This can be accounted to the high emphasis of patients with neurological disorders to get treatment by a medical professional in a hospital facility. Apart from this, increasing number of admissions in hospitals is also predicted to boost the growth of the market segment in the years to come. Additionally, on the basis of drug class, the riluzole segment is assessed to acquire the largest share during the forecast period owing to the ability of the drug to slow down worsening of motor neuron disease and prolong survival by 6-19 months.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global motor neuron disease treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of large patient pool, and increasing government support to boost the healthcare infrastructure in the region. As per the data provided by the World Bank, there were an average of 4.31 hospital beds per 1000 people in China in 2017, up from 4.02 beds in 2016. Moreover, the market in North America is expected to grab the largest share during the forecast period, which can be credited to the high healthcare expenditure, and availability of reimbursement coverage by healthcare providers. In addition, strong presence of prominent market players is also anticipated to bolster the market growth in the region in the upcoming years.
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The global motor neuron disease treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global motor neuron disease treatment market includes the following segments:
Ans: The major factors driving market growth are increasing incidences of chronic diseases globally, and growing levels of awareness about motor neuron diseases.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the large patient pool, and increasing government support to boost the healthcare infrastructure in the region.
Ans: The major players in the market are European Technologies Inc., Conscientia Industrial Co., Ltd, CSNpharm, Inc., Aozeal Certified Standards (AOCS), Inc., Finetech Industry Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by drug class, end user, and by region.
Ans: The riluzole segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
Ans: Lack of skilled medical professionals in lower economic regions is estimated to hamper the market growth.